Barclaycard has launched a service called, “Barclaycard Payment Intelligence (BPI)”, a new service which uses data analytics to provide procurement departments with a comprehensive picture of their supply chain.
The new product offers a significant time and cost saving for key decision makers.The technology helps businesses to tabulate their suppliers based on the number and value of transactions as well as their size, location, industry and whether early payment is likely to generate savings, to create a comprehensive overview of the entire supplier framework.
Anna Porra, Commercial Strategy Director for Barclaycard, said: “Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money.
“Barclaycard has looked to make use payments data to identify opportunities for improvements across the procure to pay process and drive actionable insights for both buyers and suppliers. Barclaycard Payment Intelligence is a new suite of tools that harness state-of-the-art data analytics and financial modelling to devise tailored, actionable solutions for our customers.
“This approach not only brings tangible benefits to the bottom line, but it also helps to strengthen relationships between buyers and suppliers. As we navigate our way through this difficult period, safeguarding supply chains is a key way of future-proofing operations, and it’s part of Barclaycard’s mission to help businesses realize these benefits.”
